DataQuick reports that foreclosures have decreased in 31 of the 42 reporting markets presented in the company’s monthly Property Intelligence Report (PIR) over the last month, quarter and year. DataQuick shows the most significant decrease in foreclosure activity coming from Maricopa County, Ariz. (Phoenix), which has seen a more than 61 percent drop in foreclosures over the past year. Eleven other counties across the country have experienced foreclosure decreases of more than 50 percent since a year ago, including the markets of Los Angeles, Denver and Washington D.C.
“While indicators such as home price growth have fluctuated somewhat with each report, decreased foreclosure numbers have become a constant occurrence as the market slowly recovers,” said DataQuick’s vice president of analytics, Gordon Crawford, Ph.D. “However, though most markets are seeing month-to-month decline in foreclosures, those counties where foreclosure activity is actually growing are experiencing rapid foreclosure increases. For example, the counties of Long Island, New York and Portland, Oregon have seen a roughly 100 percent increase in foreclosure activity over the past year.”
Along with general decreases in foreclosure numbers across the country, the PIR also shows that home price growth continued to level-off in January as price growth slowed in nearly all markets and even turned negative in others. The average annualized home price growth across all 42 reporting markets dropped from 9.9 percent in December to 8.9 percent last month.
DataQuick’s monthly Property Intelligence Report (PIR) leverages its national property database and analytics expertise to assess 42 of the largest counties in the United States using valuation trends, REO inventory trends and sales trends metrics. Other key findings for January include:
►Home price growth was positive in 41 of the 42 reported counties over the last year
►Sales increased in 11 of the 42 reported counties over the last month
►Sales increased in two of the 42 reported counties over the last quarter
►Sales increased in nine of the 42 reported counties over the last year
►Foreclosures decreased in 31 of the 42 reported counties over the last month, and quarter, and year